problem 1) Determine equilibrium price and quantity from supply and demand graphs and schedules.

problem 2) Define price elasticity of demand and compute the coefficient of elasticity given appropriate data on prices and quantities.

problem 3) describe the meaning of elastic, inelastic, and unitary price elasticity of demand.

problem 4) Recognize graphs of perfectly elastic and perfectly inelastic demand.

problem 5) Use the total revenue test to determine whether elasticity of demand is elastic, inelastic, or unitary.

problem 6) List four major determinants of price elasticity of demand.

problem 7) describe how a change in each of the determinants of price elasticity would affect the elasticity coefficient.

problem 8) Define price elasticity of supply and describe how the producer’s ability to shift resources to alternative uses and time affect price elasticity of supply.

problem 9) describe cross elasticity of demand and how it is used to determine substitute or complementary products.

problem 10) Define income elasticity and its relationship to superior and inferior goods.

problem 11) Define ceiling price and floor price in relationship to the equilibrium price.

problem 12) describe by exs the economic effects of price ceilings and floors.